- Deveron Corp. (FARM) has acquired all of the assets of Frontier Labs
- The acquisition was executed in line with an arm’s-length definitive agreement dated October 4, 2022, between the company and Frontier Labs
- Frontier Labs Inc. is a soil lab and agronomy company that services Iowa and Minnesota
- Deveron Corp. is an agriculture technology company that uses data and insights to help farmers and large agriculture enterprises increase yields, reduce costs and improve farm outcomes
- Deveron Corp. opened trading at $0.51 per share
Deveron Corp. (FARM) has acquired all of the assets of Frontier Labs.
The acquisition was executed in line with an arm’s-length definitive agreement dated October 4, 2022, between the company and Frontier Labs.
Frontier Labs Inc. is a soil lab and agronomy company that services Iowa and Minnesota.
As consideration for the acquisition, Deveron has paid Frontier Labs an initial cash payment of US$825,000 upon closing of the acquisition.
It will make further payments in the aggregate of US$412,500 on each of the first two anniversaries on the closing date of the acquisition.
The company also issued 746,570 of its common shares at a price of $0.50 per common share upon receipt of final approval of the acquisition.
Finally, it will issue 373,285 common shares at a price of $0.50 per common share on each of the first two anniversaries following the signing of the definitive agreement.
Deveron Corp. is an agriculture technology company that uses data and insights to help farmers and large agriculture enterprises increase yields, reduce costs and improve farm outcomes.
Deveron Corp. opened trading at $0.51 per share.